Web3 Global Regulations: Key Laws And High Level Overview

Regulatory Landscape Web3 Domains

Today, Web3 domains are giving a tough competition to the centralized domain registrars in terms of popularity. These blockchain-powered domains introduce users to decentralized applications and online identities. 

The US Web3 market is anticipated to hit $81.5 billion by 2030 at 43.7% of CAGR from 2022 to 2030, according to Emergen Research. Considering this growing popularity, many countries, such as Brazil, UK, and Singapore, have developed regulatory frameworks to govern Web3 domains. 

Most of these rules focus on the societal, environmental, and economical impact of the growing technology. In fact, many states in the US, such as Wyoming, have introduced their own Web3 regulations. These rules offer special privileges to businesses that comply with the Web3 domain ordinance. 

Despite the lack of blockchain and Web3 regulations in many countries, many are increasingly adopting Web3 regulations. In this article, we will explore the global regulatory trends shaping the Web3 landscape.

Global Regulations Around Web3 Domains

Gavin Wood introduced “Web3” in 2014, but the concept became popular in 2021. It is still in the initial stage and needs more awareness to be used fairly and safely. That is why there are rising concerns about its use.

In this rapidly evolving tech world, individual users and companies operating in the blockchain or Web3 space may fall prey to scams or malicious activities. It’s important to stay abreast of the latest regulations to operate safely. 

Here are some prominent global regulations and licensing trends affecting Web3 domains today:

LawGoal Launch Date
EU Data ActTo improve data accessibility and promote a competitive cloud market in EuropeJanuary 2024
United StatesTo regulate the market on multiple levelsNot a single law, a series of rules
CanadaTo regulate the market on multiple levelsNot a single law, but involvement from federal authorities
Brazil’s Crypto Assets Act To regulate virtual asset mechanismsPublished in December, 2022, but came into force on June 20, 2023 
UK & Singapore Financial DialogueTo support international standards around digital assetsJuly 26, 2023
India’s G20 Presidency Note To minimize financial stability risks and ensure investor protectionAugust 1, 2023
Responsible Financial Innovation Act (RFIA) To support digital asset innovation and stablecoins frameworkApril 17, 2024
Oman’s Regulatory Framework 
To regulate virtual asset transactionsJuly 27, 2023
UAE’s Virtual Asset Regulation LawTo increase awareness on investmentMarch 9, 2022

EU Data Act

The European Data Act, adopted in January 2024, is a legislation designed to enhance the EU’s data economy by improving data accessibility and promoting a competitive cloud market in Europe. It builds on the European data strategy to create a unified European data space, encouraging efficient data pooling, sharing, and utilization. The Act also facilitates data sharing from connected devices, protects against unfair contracts, and ensures the public sector can access private sector data during emergencies. Thierry Breton, Commissioner for the EU’s internal market, hailed the legislation as a “milestone in reshaping the digital space,” predicting it will foster a “thriving data economy that is innovative and open—on our terms.”

Implications for Web3 and Blockchain:

  • Data Protection: The Act increases transparency, mandates consent-based data processing, and enhances individual control over data. Companies in these sectors will need to adopt robust data governance frameworks and secure consent for data usage.
  • Innovation Opportunities: Compliance with the Data Act can help companies build trust, creating opportunities to develop new solutions that balance data privacy with the advantages of emerging technologies.
  • Data Usage: Companies must ensure they comply with regulations regarding the types of data they can use and the management of personal user information.

Web3 Regulations in The United States

In the United States, the regulatory landscape for Web3 technologies is complex and fragmented, with various federal and state agencies playing a role.

  • Securities and Exchange Commission (SEC): The SEC has been actively involved in regulating cryptocurrencies and initial coin offerings (ICOs). The agency considers many tokens as securities and requires them to comply with securities laws, which include registration and disclosure requirements.
  • Commodity Futures Trading Commission (CFTC): The CFTC oversees derivatives markets and has classified Bitcoin and Ethereum as commodities. It regulates futures and options markets for these assets.
  • Financial Crimes Enforcement Network (FinCEN): FinCEN focuses on anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. It requires cryptocurrency exchanges and certain wallet providers to register as money services businesses (MSBs) and adhere to strict reporting and compliance standards.
  • State Regulations: Individual states have their own regulations, such as New York’s BitLicense, which imposes stringent requirements on cryptocurrency businesses operating within the state.

Web3 Regulations in Canada

Canada’s approach to Web3 regulation is more centralized compared to the U.S., with significant involvement from federal authorities.

  • Canadian Securities Administrators (CSA): The CSA provides guidelines on how securities laws apply to cryptocurrencies and ICOs. It emphasizes that many digital assets are considered securities and must comply with relevant laws.
  • Financial Transactions and Reports Analysis Centre of Canada (FINTRAC): Similar to FinCEN in the U.S., FINTRAC enforces AML and CTF regulations. Cryptocurrency exchanges must register with FINTRAC and adhere to reporting and compliance obligations.
  • Bank of Canada: The central bank is exploring the potential for a digital Canadian dollar (CBDC), which could coexist with cryptocurrencies and provide a regulated digital payment option.
  • Provincial Regulations: Like the U.S., provinces in Canada have their own regulatory frameworks. For instance, the Ontario Securities Commission (OSC) has been proactive in regulating cryptocurrency trading platforms.

Brazil’s Crypto Assets Act 

Brazil published the “Crypto Assets Act” (also known as the Legal Framework for Virtual Assets) in December 2022. However, it came into force on June 20, 2023, as the country’s Law No. 14,478. The law defines guidelines for virtual asset regulatory mechanisms, such as prior authorization, virtual asset service provider (VASP) services, guiding rules, and criminal responsibilities for fraud. 

The act includes a wide range of virtual assets. Still, it excludes electronic money, national and foreign currencies, loyalty program rewards, and other assets that existing laws in the country already regulate. 

For crypto asset securities, the Securities and Exchange Commission of Brazil (CVM) outlines the circumstances in which crypto assets can be considered securities. On the other hand, the Banco Central do Brasil (BCB) is responsible for monitoring virtual asset services. 

UK & Singapore Financial Dialogue 

The Web3 domain demands a collaborative ground among countries to ensure safe international operations. On July 26, 2023, the UK and Singapore agreed on the 8th UK-Singapore Financial Dialogue to support international standards in the digital asset space, including sustainable finance, crypto, digital assets, and CBDCs.

The dialogue also aims to support CBDC research and experiment and national crypto regulations. 

India’s G20 Presidency Note

The Web3 domain calls for regulations around financial stability risks, technological innovation support, and investor protection and education. That’s what India’s G20 Presidency Note on crypto, published on August 1, 2023, is all about. It is an effort to contribute to global crypto regulations.

The Indian government plans to achieve its goals through the International Monetary Fund (IMF) & the Financial Stability Board (FSB)’s upcoming synthesis paper. It will establish a “minimum global policy standard” for crypto assets as part of the “Roadmap on Establishing a Global Framework for Crypto Assets.”

Responsible Financial Innovation Act (RFIA)

Introduced on April 17, 2024, RFIA or Lummis-Gillibrand Crypto Bill revolves around ensuring responsible financial innovation. It is focused on the regulatory perimeter around digital assets and stablecoins framework.

The law is regulated by the Commodity Futures Trading Commission (CFTC). 

Oman’s Regulatory Framework 

Making transactions through virtual assets in the Web3 space requires strict regulations for transparency and protection. Pertaining to this, the Capital Market Authority (CMA) of Oman started a public consultation process on July 27, 2023 to collect input for its Visual Asset (VA) and Virtual Asset Service Providers (VASP) regulatory framework. 

These regulations establish a comprehensive and updated set of rules for addressing potential risks associated with virtual asset transitions. 

UAE’s Virtual Asset Regulation Law 

UAE introduced the Virtual Asset regulation law on March 9, 2022, to promote innovation in the virtual asset sector. The law defines the nature of digital assets as a medium for storage, exchange, and owner’s account representation, which can be transferred electronically from one person to another. 

The main goal of this law is to increase awareness of investments in virtual asset services and products. It is regulated by the Securities and Commodities Authority (SCA) and The Dubai Virtual Assets Regulatory Authority (VARA). 

Web3 Domain Licenses for Regulatory Compliance

Many crypto exchanges and Web3 domain providers have obtained licenses to fully operate globally in different countries. Here are some prominent ones:

Understanding Web3 Global Regulations To Stay Ahead

As the Web3 domain rapidly evolves, staying informed about legal and regulatory trends is essential. By keeping up-to-date, individuals and companies can navigate the virtual asset and crypto ecosystem safely and effectively. These laws not only ensure safe operations but also prioritize investor protection and securities compliance, fostering a secure and trustworthy digital environment. Stay ahead, stay informed, and thrive in the world of Web3.

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Accordingly to the day when you will finalise your purchase, you have the right to receive from 1 to 3 NFT Domains for FREE!

Once you have completed your order, within 48h you will automatically receive on www.freename.io platform, in your personal area “portfolio” the randomly assigned NFT Domain/s.

You can chose on which blockchain you want to mint on and minting fee is covered by Freename!


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Said coupon will instantly do its magic and your due total will drop!


How does it work?

Once you have completed your order, you will automatically receive on www.freename.io platform, in your personal area “portfolio” the randomly assigned NFT Domain value $50 or if you’re lucky a randomly assigned TLD with value $699 (between these: .immersive; .multiverse; .freelancer; .cashback; .hologram)

you can chose on which blockchain you want to mint your NFT Domain/TLD on and minting fee is covered by Freename!


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Why do i Need a Wallet?

Freename domains are blockchain-based assets and would be minted and stored using a wallet. Users are required to mint and manage their domains using a Metamask or Coinbase-configured wallet. It must be a non-custodial wallet, meaning that one must own the private keys to the wallet in order to approve transactions via a signature.

To benefit from Freename Web 3 domains/TLDs, you must have a wallet. This is because Web 3 domains/TLDs are blockchain-based assets. Users can mint and manage their domains using Metamask or Coinbase-configured wallets.

Keep in mind that it must be a non-custodial wallet. You own the private keys to the wallet (in order to approve transactions via a signature).

Are the Domains Associated with ICANN?

ICANN does not manage freename.io domains. Freename.io believes their TLDs/domains must allow customers to operate independently. Freename.io wants to build a utility infrastructure, allowing customers to use their services for valuable and generative purposes. By leveraging blockchain technology, Freename Web 3 domains/TLDs have no centralized authority imposing rules and regulations.

What is a Wallet?

Every blockchain user requires a wallet in order to interact with the network. A wallet is essentially an account on the blockchain where transactions can be sent and received. It is also where one can store blockchain assets such as cryptocurrency or NFTs (non-fungible tokens). There is no personal information associated with a wallet and none is required to create one. A wallet consists of a public key and a private key. The public key can be safely shared with anyone who wishes to send assets to the corresponding wallet, however, the private key should not be shared and is the key to accessing the wallet in the event where access is lost or to create another instance.

A crypto wallet (cryptocurrency wallet) is software or hardware that enables users to store and use cryptocurrency. With cryptocurrencies, there isn’t any actual money to carry around in a wallet. They exist on the blockchain. Similarly to traditional bank transfers, crypto wallets enable users to send and receive cryptocurrencies, NFTs, etc.

A wallet consists of a public key and a private key. To receive assets, you share your public key associated with your wallet. You should NEVER share your private key.

How do i Claim my Earnings from Freename

ou can withdraw revenues generated passively through a cryptocurrency transfer. Connect your cryptocurrency wallet and, once your withdrawal request is confirmed, the desired amount is pulled from Freename’s reserves and conveniently delivered to you!

Claim your earnings by following these steps:

  1. Connect your cryptocurrency wallet to Freename.io
  2. Request a withdrawal
  3. Receive request confirmation
  4. Receive withdrawal directly to your wallet.

Can i Transfer Domains?

Yes. The domain is stored in your cryptocurrency wallet and can be transferred by you after you have minted it. Access your portfolio, select the TLD or Domain you wish to transfer and type the recipient’s address. Afterwards, you must paste the OTP code you received by mail to confirm the transaction. Keep in mind that currently, it is not possible to import the domain that has been transferred, but it will be possible soon!

Yes. Domains are transferable ONLY after a TLD/domain has been minted and stored in a user’s wallet.

To transfer the TLD (or domain), the user must:

  • Access their wallet
  • Select the item they want to transfer
  • Enter the recipient’s address.
  • Confirm the transaction by pasting the OTP received by email

In the future, Freename.io will support importing domains that have been transferred.

What about Trademarks?

Registering a trademark on your Freename Web3 TLD will allow you to protect your web3 TLD and your logo worldwide juridically.

From the moment you deposit a trademark request, your web3 TLD will be protected worldwide for 6 months awaiting for the Swiss Federal Institute of Intellectual Property (IGE.ch) to confirm and register the availability of your TLD.****

A trademark is any symbol, phrase, or word that allows customers to identify a company’s goods or services. Freename is a web3 domain/TLD provider that also provides trademark registration.

A user must reach out to the trademark department to register a trademark. To get your trademark filed for review at the Swiss Federal Institute of Intellectual Property, a user must provide the following:

  1. Complete a Know your customer (KYC)
  2. A list of TLDs they wish to trademark
  3. Proof of payment

Once these conditions are met, it takes one week for the trademark to be reviewed and logo/TLDs to be provided with six months of worldwide protection.

Is Minting the same as Buying?

Purchasing a TLD (or domain) on Freename and minting it on the blockchain are two distinct steps. When you purchase a TLD (or domain), the transaction is recorded in Freename’s database and not on the blockchain. Minting a TLD (or domain) on the blockchain requires a second step: log into the user’s personal area, select the TLD (or domain) and press “mint TLD” (or domain): done! Don’t worry, once you have purchased a Freename domain, no one can take it away from you!

No. Buying and Minting a TLD/domain are two different things.**

Buying **is the process of recording a transaction on Freename’s database and not on the blockchain.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full control over the TLD/domain.

It is very easy to mint a domain/TLD once you purchase it. Simply:

  • Log into your personal area
  • Select the TLD (or domain)
  • Press “mint TLD” (or domain)

What is Domain Minting?

Minting is the process of publishing a Freename domain (or TLD) on the blockchain via your wallet to gain full custody of the domain. This means that the only person that has control over the domain (or TLD) is the person who controls (has access to) the wallet.

Minting is the process of pushing a user’s domain from Freename.io data onto the public ledger of a blockchain and into a user’s wallet. Giving the user full ownership over the domain.

Minting on Freename.io is as simple as the following steps:

  1. Go to the Freename.io website
  2. Enter the TLD/domain you want to buy in the search bar
  3. Add the TLD/domain to your cart
  4. Go to checkout
  5. Create a Freename.io account
  6. Purchase the TLD/domain with cryptocurrency or a credit card
  7. Go to “portfolio and incomes.”
  8. Click on mint TLD/domain

Which domains are Protected?

Protected domains and TLDs are domains and TLDs that we’ve detected are associated with a brand, organization, or notable person. We believe it is important to increase adoption for the next generation of the internet by helping to onboard brands into the Web3 era. If you are interested in applying for a Protected domain, please contact us.

TLDs/Domains associated with a notable person, brand or organization are considered Protected Domains. Protected domains help onboard brands in Web 3 increasing adoption. Protected domains also protect users from others impersonating/stealing their domains.

Reach out to Freename.io to apply for a protected domain.

Why use Freename?

Freename domains are unique by their very nature: only with Freename you can register domains with unique TLDs for your digital identity while passively earning money!

Freename.io is not only the leading TLD and Domains platform in Web 3, but also lets users generate passive income!

Owning a Freename Web 3 TLD entitles users to receive passive income whenever a domain is bought on their TLD. Users can register and mint TLD/domains of their choice if available.

What is a Domain?

A domain name is a string of letters and/or numbers that points to the IP address of the corresponding website. Generally, it is easier to remember a name than a long string of numbers.

A domain name is an address that people type into a browser bar to find a website. It consists of a Top-Level Domain (TLD), everything that comes after the dot, and the Second-Level Domain (SLD), everything that comes before the dot.

For example, “Freename.io” is the domain name, “Freename” is the SLD and “io” is the TLD.

Which Chains are Supported?

Freename has a multi-chain approach. You can choose on which Blockchain to mint your Web3 Domains and TLDs ranging Among Polygon, Cronos, and Binance.

A user can mint a Freename.io domain/TLD on the following blockchains:

  • Polygon
  • Cronos
  • Binance

Freename plans to expand its multi-chain approach by adding blockchains upon which domains can be minted.

Are there Renewal Fees?

No! Once you’ve bought a Freename Domain or TLD, it’s yours forever, no renewal fees ever!

No. There are no renewal fees on Freename.io. Once a user has paid a one-time payment for a domain/TLD, they own it. Forever.

This is the significant advantage of Web 3 domain/TLD over traditional alternatives.

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